Applications now open for 1st-time B.C. homebuyers loan

BC government's new Home Partnership ProgramThe CBC BC reports that applications are now open for the B.C. government’s new Home Partnership Program. The program provides loans of up to $37,500 to help first-time homebuyers fund their down payment.

The loans are not available right away — the closing date on a purchase must be after February 15, 2017.

Premier Christy Clark has said the program will help first-time homebuyers get into the “really tough housing market”.

“If you get into the marketplace and get a little bit of equity, it can change your life,” said B.C. Housing Minister Rich Coleman, who shared the story of his first home — a mobile home in Alberta — before building his own house a year later.

“The challenge of course is coming up with that down payment.”

Coleman said Monday afternoon that about 60 applications had already been started, 29 were submitted, and eight would receive letters of approval on Tuesday.

Article from CBC BC News

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